Summary:
Eternal reported Q2FY27 net profit of ₹125 crore, up 92.3% year on year, while operating revenue rose 77.6% to ₹24,138 crore. Blinkit raised its dark-store target to 3,500 by March 2027, highlighting continued investment in quick commerce.
Eternal Limited, the parent company of Zomato and Blinkit, reported a consolidated net profit of ₹125 crore in Q2FY27, up 92.3% YoY as against ₹65 crore in the same quarter last year. However, higher operating costs, depreciation and tax costs impacted profitability despite robust revenue growth.
The company also increased its target for the expansion of Blinkit’s dark stores to over 3,500 stores by March 2027, demonstrating its continued investment in quick commerce.
Eternal Q2FY27 Results: Revenue Up 78%, Profit Nearly Doubles
Eternal reported revenue from operations of ₹24,138 crore in the September 2026 quarter, up 77.6% YoY from ₹13,590 crore in Q2FY26. The revenue grew sequentially from ₹20,211 crore in Q1FY27.
Consolidated adjusted revenue for the quarter was ₹24,621 crore, up 76% YoY and 19% QoQ. Adjusted EBITDA grew 197% YoY to ₹666 crore, up 20% sequentially.
Company’s operating EBITDA was ₹752 crore as against ₹239 crore a year ago and EBITDA margin improved to 3.1% from 1.8%.
Key Financial Highlights:
| Financials | Q2FY27 | Q2FY26 |
| Operating Revenue | ₹24,138 crore | ₹13,590 crore |
| Net Income | ₹125 crore | ₹65 crore |
| Operating EBITDA | ₹752 crore | ₹239 crore |
| EBITDA Margin | 3.1% | 1.8% |
Total expenses grew 75% YoY to ₹24,166 crore, supported by higher operating costs as the company continued to expand its businesses.
Blinkit Hikes Dark-Store Target to 3,500 by March 2027
The quick-commerce business of Blinkit continued to be a key growth driver in the quarter.
Its net order value (NOV) grew 79.3% YoY to ₹20,940 crore. Adjusted EBITDA was at ₹184 crore (₹102 crore in the previous quarter), another quarter of margin improvement.
Blinkit added 308 net new stores in Q2FY27, taking its network to 2,751 stores.
The company now plans to expand to 3,500 dark stores by March 2027 from its initial target of 3,000. It aims to be at about 5,000 stores by March 2028.
Expansion into smaller cities and more product categories is at the heart of Blinkit’s growth plans. But a larger network also means higher store operating expenses, inventory requirements and capital investment.
Zomato Food Delivery and Other Businesses See Growth
Zomato’s food delivery business reported November sales of ₹11,445 crore, a 21.5% YoY growth.
Adjusted EBITDA was ₹627 crore, up 25% YoY and adjusted EBITDA margin for the segment was at 5.5%.
The company had around 28 mn transacting customers a month in the quarter.
Meanwhile, Eternal’s going-out business District reported an adjusted EBITDA loss of ₹64 crore. Its Hyperpure B2B supply platform was profitable for the fourth consecutive quarter.
It also unveiled a privacy-first artificial intelligence service called Dark.ai, which it hopes to roll out globally by the end of 2026.
Why Eternal Shares Fell Despite Q2 Profit Rise
Eternal shares fell on October 21, 2026, despite the sharp increase in quarterly earnings.
The stock ended at ₹312.35 on the NSE, down 2.45% from its previous close of ₹320.20. It touched an intraday low of ₹305.50 during the session.
Higher costs and depreciation continued to weigh on earnings and the quarterly profit fell short of market expectations.
Blinkit has stated that it is enhancing profitability, but aggressive growth demands ongoing investment.
Future
Eternal’s September quarter results reflected strong growth in quick commerce and food delivery, and improving operating profitability.
The coming quarters will show whether Blinkit’s larger store network will be able to sustain higher order volumes and margins, as the company balances the cost of expansion and overall profitability.
